BENGALURU: Defence PSU Bharat Electronics has reported a 17 per cent growth in revenue at Rs 8,825 crore in FY17, compared to Rs 7,541 crore in FY16. The firm, however, saw a decline in its export turnover from $85 million in 2015-16 to $65 million in FY17.
Speaking to reporters here on Wednesday after announcing annual results, BEL CMD M V Gowtama said the dip in export turnover was because of an equipment purchase deal with Reliance Defence and Engineering, which failed to materialise.
The company had placed a large order of about 30 million but the procurement did not come through owing to financial issues on the part of Reliance Defence. “Unfortunately, their (Reliance Defence’s) financial situation did not allow them to open Letters of Credit (LCs), which didn’t allow us to deliver the equipment,” Gautama said. He expressed the hope that one LC would be opened in June and the balance in February 2018.
BEL is operating with an export network of 25 countries. The company is focusing on
Vietnam, Myanmar, Bangladesh, Sri Lanka and Maldives. Citing a few instances, Gowtama said BEL has exported Sonar technology to Myanmar, communication equipment to Sri Lanka, and coastal surveillance system to Maldives, among others.